Bob Miller plans to retire next March as BlackRock's managing director and head of Americas fundamental fixed income.
Rick Rieder, managing director and chief investment officer of global fixed income, wrote in a Thursday internal memo that Mr. Miller "is ready to begin the transition toward retirement next year."
Mr. Miller, who joined BlackRock in 2011, will continue in his role through March 31, 2023, the memo noted.
Mr. Rieder pointed out that under Mr. Miller's tenure, BlackRock's fixed-income assets under management climbed to $925 billion from $575 billion.
Mr. Miller is also a portfolio manager of BlackRock Core Bond Fund, BlackRock Total Return Fund and BlackRock Strategic Income Opportunities Fund, according to the company's website. These three funds had total assets of about $58.9 billion, according to the website.
In his memo, Mr. Rieder indicated that David Rogal will become the lead portfolio manager for the Total Return and Core Bond funds, while Chi Chen will be added as a portfolio manager on both these funds.
The Total Return fund's managers will comprise Ms. Chen, Mr. Rogal and Mr. Rieder.
The Core Bond fund's management will comprise Ms. Chen, Mr. Rogal, Mr. Rieder and Akiva Dickstein, the memo noted.
A spokeswoman for BlackRock said by email that "Russell Brownback will join Rick and David as PM on the BlackRock Strategic Income Opportunities Fund."
BlackRock had total assets under management of about $7.96 trillion at the end of the third quarter.
